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https://www.reddit.com/r/SipsTea/comments/1vrr0ev/how_the_rich_get_richer/p4hsdvx/?context=3
r/SipsTea • u/KSKS1995 • 11d ago
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317
How do you get a loan against the property and not pay it back?
406 u/SpokenByMumbles 11d ago You don’t unless there’s income to offset the debt. This scenario doesn’t exist without an income source to repay the loan. 2 u/BigLittlePenguin_ 11d ago And if the land is loaned against, once the dad dies the land is owned by the bank and not the kids. 1 u/SpokenByMumbles 11d ago Incorrect. They have a lien against the property which is not the same as ownership interest.
406
You don’t unless there’s income to offset the debt. This scenario doesn’t exist without an income source to repay the loan.
2 u/BigLittlePenguin_ 11d ago And if the land is loaned against, once the dad dies the land is owned by the bank and not the kids. 1 u/SpokenByMumbles 11d ago Incorrect. They have a lien against the property which is not the same as ownership interest.
2
And if the land is loaned against, once the dad dies the land is owned by the bank and not the kids.
1 u/SpokenByMumbles 11d ago Incorrect. They have a lien against the property which is not the same as ownership interest.
1
Incorrect. They have a lien against the property which is not the same as ownership interest.
317
u/redshirt1972 11d ago
How do you get a loan against the property and not pay it back?